VinFast Ranks as Third Most Valuable Automaker Globally

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【Summary】Vietnamese car brand VinFast has become the world's third-most valuable automaker, with a market value of $160 billion. The surge in stock prices has propelled VinFast ahead of giants like Volkswagen, Ford, and General Motors. However, the company's stock has been volatile due to the small number of publicly available shares. VinFast, founded just six years ago, currently sells electric SUVs in the US and plans to expand its production with a factory in North Carolina starting in 2025.

FutureCar Staff Sep 03, 2023 11:56 PM PT

VinFast Ranks as Third Most Valuable Automaker Globally

VinFast, the Vietnamese car brand, has become the third-most valuable automaker globally after its stock surged by 21 percent. Its market value has more than quadrupled to reach $160 billion, according to Reuters. This places VinFast behind only Tesla and Toyota in terms of market value, surpassing giants like Volkswagen, Ford, and General Motors.

However, Reuters points out that VinFast's stock is prone to volatility due to the small number of publicly available shares. In the past 12 trading sessions, the price has fluctuated by more than 14 percent in 11 sessions.

The Southeast Asian automaker made its debut on the Nasdaq stock market on August 15 after completing a SPAC merger with Black Spade Acquisition Company. VinFast's shares closed at $37.06 on their first day of trading and closed at $82.35 yesterday.

The founder of VinFast, Pham Nhat Vuong, controls approximately 99 percent of the company. Most of the shares are not available to investors, making him the biggest beneficiary of the recent stock surge.

VinFast currently sells the VF 8 five-seat all-electric crossover in the US and plans to begin deliveries of its three-row VF 9 SUV later this year. Despite experiencing delivery delays and recalls, the company has started delivering its US-bound vehicles. However, it only delivered 151 EVs in the US in the first six months of this year, according to Experian.

Furthermore, VinFast has plans to build a factory in North Carolina, with production scheduled to start in 2025. This expansion reflects the company's ambition to grow and establish a stronger presence in the global automotive market.